Accounting Software For Petrol Station

As Oil and Gas business (Petrol Station) is believed to be a capital intensive and highly regulated outfit, so also is the need for managers to have a proper bookkeeping and accounting software that will help track all inventory and cash activities on a daily basis.

This roundup covers the basic deliverables of an accounting software designed to power petroleum lifting, sales and distribution businesses.

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For over 5 years, we have implemented QuickBooks for several companies under Retail, Manufacturing, Oil & Gas, Real Estate & Construction, Travels, Hospitality,Legal, Co-operatives, NGOs, Financial & Service Sectors.

From my personal implementation and set-up experience, one of the best accounting software for your oil and gas related business is QuickBooks Enterprise Solution with Advanced Inventory Management (designed for outfits with single or multiple locations(s)).

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Enterprise solution with advanced inventory functionalities:

Takes into account unit of measures of your petroleum products – To some, it could be Litres while others may opt for Barrels.

Manages transactions in multiple locations – if you have more than one outlet.

Track daily sales of petroleum product in units or price per litre and report the income earned and received for the day from each location?

Record the total quantity purchases from suppliers, the amount paid and outstanding balances, if any.

Track multiple currencies if you order from foreign suppliers and report the current value in home country’s value based on the prevailing exchange rate?

Record all supplies made to each outlet including quantities and value received?

Track all the fixed asset owned by the company including Tank Farm, Trucks, Land And Buildings, etc

Record all the expenses incurred and insurance premium paid in advance?

Creates room for multiple users so that every transaction entry will be traceable to a particular user?

As we would expect in normal financial accounting software, Enterprise Solution generates a real-time financial report covering inventory activities at the different location, profit or loss for a specific period, statement of financial position and cash flow.

While these are some of the basic features of QuickBooks Enterprise customised for petrol station or Oil and Gas Business, you can also connect with us for further clarification on some specific reporting features you want for your business.

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